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COMMODITY EXCHANGE: A financial market that trades the ownership of various commodities, such as wheat, corn, cotton, sugar, crude oil, natural gas, gold, silver, and aluminum. The two biggest commodity exchanges in good old U. S. of A. are the Chicago Board of Trade and the Chicago Mercantile Exchange. Unlike, let's say a grocery store where commodities physically trade hands, commodity exchanges trade only legal ownership. This is much like a stock market, which trades the ownership of a corporation, but leaves the factory at home. Commodity markets offer two basic sorts of trading -- spot (immediate delivery of a commodity) and futures (delivery of a commodity at a future date).
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INFLEXIBLE PRICES The proposition that some prices adjust slowly in response to market shortages or surpluses. This condition is most important for macroeconomic activity in the short run and short-run aggregate market analysis. In particular, inflexible prices (also termed rigid prices or sticky prices) are a key reason underlying the positive slope of the short-run aggregate supply curve. Prices tend to be the most inflexible in resource markets, especially labor markets, and the least inflexible in financial markets, with product markets falling between the two.
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YELLOW CHIPPEROON
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Today, you are likely to spend a great deal of time flipping through mail order catalogs seeking to buy either income tax software or a how-to book on the art of negotiation. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"Everyone is bound to bear patiently the results of his own example. " -- Phaedrus, Philosopher
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MGE
Minneapolis Grain Exchange
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